A balance sheet is a financial statement that accounts for a business's assets, liabilities, and shareholders' equity at a specific time.

An S corporation's balance sheet includes a detailed list of the firm's assets and liabilities at a particular moment in time. The Internal Revenue Service requires corporations to keep balance ...

It’s like a snapshot or picture of the business because it relates to a specific point in time of the business (i.e., as of the date of the balance sheet). Contractors used to get balance sheets for ...

The classified balance sheet reports assets and liabilities in overall categories instead of listing detailed accounts and balances. Classified balance sheets offer a perspective on the company's ...